A new townhome project near Baltimore aims to turn low-income renters into homeowners.
Built on a formerly vacant lot, Hollins Station in historic Lansdowne consists of 48 two- and three-story townhomes, each with three bedrooms and two-and-a-half baths. In an innovative rent-to-own scenario, the development will serve as a rental community for 15 years, and then residents will have the opportunity to purchase their homes. Property manager Severn Management will work with residents during the rental period to prepare them to become buyer-ready, according to a press release.
Hollins Station is first new development in the Riverview neighborhood of Lansdowne in decades, according to developer Enterprise Homes. It is located near good schools, jobs, transit, and health care, says Chickie Grayson, Enterprise president. and boasts community amenities such as a clubhouse with exercise room and space for after-school activities, a tot lot, and, and picnic area.
Christine Madigan, executive vice president of development at Enterprise Homes, told the Baltimore Sun that the goal of the development is to make homeownership easier for people who otherwise might not be in a position to purchase a home. Designated as an affordable housing development, Hollins Station will not rent to families or individuals whose household income exceeds 60% of the area's median income, she says.
Demand has been very strong: Of the 48 two- and three-story units, 37 have already been rented, she says, adding that the other 11 townhomes have tenants ready to move in.